3 Ways to Get a loan

Many people have so many good plans that can make them rich within a short period of time but often, financing them is the problem. Most banks and financial institutions do not give loans to anybody. For somebody to qualify for a loan from them, there are often some prerequisite requirements he/she must satisfy first. Some, if not all, of these institutions require that somebody seeks a job or shows evidence of owning a stable business first-money is given to that who already has it. Here are some three easy steps that can help individuals who do not satisfy these requirements get access to loans.

The first thing one can do to get access to a loan is belonging to a chama. Almost all the banks in Kenya have developed special savings accounts for members of chamas. When ten members come together, for example, they pool their resources, hence, the amounts they save will be more than what one person is capable of saving. If everybody contributes ksh 1000 per month, it means the group will be taking a total of ksh 10, 000 to the bank every month. Within 10 months, the group will have qualified for close to ksh 1,000,000 loan.

The other thing that can help you get access to loans at affordable rates is registering with non-bank financial institutions. So many such institutions have come up, and they offer their loans at interests as low as 8%. All one needs to do to get a loan is save with them for about three months, then he/she will qualify for an amount three times his/her savings.

Getting a loan for employed individuals and business owners is much easier. At least they have security for loans. Such people only need to look for three guarantors to endorse them. People with employment are easy to trust since they can service their loans with their salaries. Business owners, on the other hand, have their businesses as their security, and can also get proceeds from their businesses and use them for servicing the loans.

I am no loan expert, but these can work for you.
Caution: Do not take a loan for the sake of paying your wife's bride price if you do not have a stable source of income to help you pay for it.

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